Easy Approval Loans

Australia overnight loans are a good idea to cover an emergency, pay for an unexpected expense, buy your dream home or even finance the trip you’ve always wanted to take. But the amount of paperwork, negotiations, and in-depth inspections that come on board can be the reason why you dismiss this idea. 

Needing money and not having it is a nightmare in itself, so taking out a loan shouldn’t be a great deal of stress as well. To get quickly approved, you need to play smart. That’s what online lending platforms provide! They allow you to compare lenders, get interest rate quotes, and get a loan decision in a few hours. Apply today with Perfect Payday for the best payday loans Australia.

Even if you have a bad credit score or no score at all and need a loan for cash now, you still have a chance. That’s a hint of what we have in store, so continue reading while we tell you how to get an easy approval guaranteed loan! 

Easy Approval Loans – Explained

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The easiest and most feasible way to get a centrelink loan in Australia is to seek it online. By finding an online lender and filing an application, you can get quick access to funds within a week, and in some cases, the period can be as short as one business day. 

No need to visit a branch or negotiate for the lowest interest rates since, most of the time, you’ll find terms and conditions that cater to your needs. You can also compare rates online and get an idea about other charges like establishment and termination fees. The rates, of course, will depend on how much you ask and how good your credit score is. 

Whether you seek a small quick loan, quick cash, or a long-term fund, the application process is fast and hassle-free, and you’ll still have a great chance of getting approved all the same. 

Instalment Loans

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One of the easiest loans to obtain is instalment needy loans, in which you borrow an amount of money in one lump sum and repay it over a certain period, ranging from one to seven years. This is how do loans work.

You can obtain your approval within a few business days, and once you receive the fund, you can repay it in monthly, fortnightly or weekly instalments.

The debt consolidation loan can be up to $50,000 with an interest rate that ranges from 10% to 28%, depending on your credit score. The advantages of these loans are that they’re more flexible and easier to understand than credit cards. They come in two types: secured and unsecured.

In secured loans, you put up your savings or a valuable asset in exchange for money. Lenders usually trust your ability to repay the loan if you’re willing to offer collateral, so the approval process becomes short, and you get your funds more quickly. 

However, if you fail to pay back, the lender will have the right to possess or sell this asset to pay back the debt you owe.

On the other hand, secure loans in Australia require no collateral, but they’re still quickly approved, provided that you have a good or excellent credit score or at least a clean financial history.

Same-Day Loans

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What if you’re in a pinch and need a loan fast? You can file for either a payday loan or a title loan. Both are short-term loans that you get within the same day of filling your online application. 

The difference between them and instalment loans is that you’re limited to a small amount of cash, usually around $1000. Moreover, they come with higher interest rates and short terms. Yet, they are a good option if you want to plug this brief gap in your finances instantly. 

A payday loan is a small-dollar loan that you get on the same day and repay from your following paycheck with a whopping APR of 400%. 

A title loan, on the other hand, is a loan you get in exchange for putting out your vehicle as collateral. Although APR in this type is less, usually around 300%, it’s still high and poses the danger of losing your car if you default.

Both loans don’t require a high credit score or solid proof of your ability to repay, so the approval process is as easy as filling in some personal information on an online application. However, if you fail to pay, you’ll be thrown into an endless loop of increasing loans and fees.

Why Are These Loans Easy to Get?

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Just like shopping and taking online courses is way easier than in-person, taking out an easy financial loan bad credit online is easier than seeking a bank or a traditional loan provider. 

The abundance of online lenders has let in more competition, which swings back in the borrower’s favour. They offer various loan packages to cater to different requirements, more flexible terms, easier access to funds, and above all, faster approval. 

The eligibility criteria are almost always more forgiving than banks. You only need to be 18 years of age or older and have permanent residency in Australia. A decent regular income and a clean bank statement also need to be proved. 

Apart from the fewer paperwork and short approval period, online lenders offer the advantage of being less judgemental when it comes to credit scores, making your chance of getting your loan approved higher. 

Typically, if your credit score is 670 or higher, you become highly eligible for any type of loan with better terms and less interest rate. 

However, not all of us knock on the doors of lenders with perfect credit scores. Also, those who have never had a credit card or haven’t used credit in two years usually have trouble taking out loans from banks and traditional business lines of credit.

Online loans are a better option for borrowers with bad and no credit at all. In fact, some online lenders specialise in bad credit personal loans without taking away the advantage of applying easily and getting your approval on the same day if possible. Of course, the loans come with higher rates and shorter payment terms, but you’ll still get the money, which is all that matters. 

Tips for Easy Loan Approval

All lenders have one thing in common: they want to make sure that you’ll be able to pay your loan on time. Giving them reasons to believe that you’re trustworthy is your only way of boosting your chance of receiving the money. So, here are a few tips to boost your chances. 

Avoid Multiple Applications

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Applying to multiple lenders at the same time is like stabbing your credit score with a sharp knife. When you apply for a loan, your lender will inquire about your credit score. This is what we call a “hard credit check,” which reduces your score a few points, as every inquiry is linked to an application. Too many inquiries will only lead to a severe drop in your score.

So, how can you get the best deal without hurting your score? Compare different lenders’ quotes and charges online and only apply for one lender when you make up your mind. If an online lender asks to review your credit score, don’t panic! This is considered a “soft credit check,” which doesn’t harm your score.

Clean Your Credit Report

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The higher your credit score, the more eligible you become to get a loan. Hence, always keep an eye on your credit report. Check that all your information is accurate, including your balances, credit limit, and payment history. And Make sure to dispute any outdated information and erroneous entries.

Consider a Co-Signer

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A co-signer is always a good idea to get your loan approved, especially if your bad credit score is getting in the way. Having a co-signer that matches the lender’s requirements will guarantee your application’s approval. However, be aware that both you and your co-signer will face the same consequences if you fail to repay your debt in time.

Improve Your Debt-to-Income Ratio

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Paying off your current small debts and finding a way to improve your income will increase your debt-to-income ratio and, in turn, increase your eligibility. 

Consider selling some of your assets and halting any unnecessary online subscriptions. Also, if you happen to have an additional part-time job, don’t forget to include its salary in your financial report. 

Think Twice, Act Wise!

Finding loans that approve everyone isn’t such a challenging task if you know where to look. Online loans are fast, available, and come in many shapes to match different customers’ needs. You can get approved easily, even if you have a low credit score or zero financial history. Just make sure you meet the eligibility criteria. 

However, know that getting approved is one thing and managing that loan responsibly is another. Even if you can get your hands quickly on some money, that doesn’t mean the harsh consequences of defaulting and late repayment will be any less. So, always be sensible and act wisely.

About the Author

Lucy has over a decade of experience in finance. She is currently the content curator here at Perfect Payday.

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